IDAHO FALLS, Idaho, Nov. 15 /PRNewswire-FirstCall/ -- International Isotopes Inc. announces financial results for the third quarter and nine months ended September 30, 2006. The Company is reporting a loss of $165,741 for the third quarter of 2006 compared to a loss of $144,915 for the third quarter of 2005. For the nine month period ended September 30, 2006, the Company is reporting a loss of $569,162 compared to a loss of $748,537 for the same period in 2005. This represents an increase in net loss of $20,826 for the third quarter and a $179,375 reduction in loss for the nine month period.
Revenue: Revenue for the quarter and nine months ended September 30, 2006, was $1,458,260 and $3,641,098 respectively, as compared to $828,439 and $2,177,270 for the same periods in 2005. These represent an increase of $629,821, or 76%, for the three month period and $1,463,828, or 67%, for the nine month period comparisons.
The Company sees large variations in the revenue produced by the cobalt product segment because a great percentage of that revenue results from the sale of bulk cobalt and those sales are cyclic in nature. Therefore, the timing of those bulk sales has a significant impact upon the period-to-period revenue comparisons. Excluding cobalt product sales, revenue for the quarter ended September 30, 2006, was $795,816 as compared to $663,872 for the same period in 2005, an increase of $131,944 or 20%. Excluding cobalt product sales, revenue for the nine months ended September 30, 2006, was $2,497,024 as compared to $1,881,078 for the same period in 2005, an increase of $615,946 or 33%. Because of the significant impact of the timing of cobalt product sales, management believes excluding sales of cobalt products from the period comparisons of revenue provides useful information to investors and may provide a more accurate projection of the actual revenue growth trends of the Company. Please refer to the tables below for a further analysis of this measure.
Three Month Financial Measure Reconciliation Quarter ended Quarter ended Sept 30, 2006 Sept 30, 2005 Total Revenue $1,458,260 $828,439 Cobalt Products Revenue $662,444 $164,567 Total Revenue Excluding Cobalt Products Revenue $795,816 $663,872 Nine Month Financial Measure Reconciliation Period ended Period ended Sept 30, 2006 Sept 30, 2005 Total Revenue $3,641,098 $2,177,270 Cobalt Products Revenue $1,144,074 $296,192 Total Revenue Excluding Cobalt Products Revenue $2,497,024 $1,881,078
Gross profit for the quarter ended September 30, 2006, and 2005, was $605,976 and $362,633 respectively, an increase of $243,343 or 67%. Gross profit for the nine months ended September 30, 2006, and 2005 was $1,673,696 and $977,464 respectively, an increase of $696,232 or 71%. Operating expenses for the quarter ended September 30, 2006, and 2005, were $722,463 and $463,022 respectively, an increase of $259,441 or 56%. Operating expenses for the nine months ended September 30, 2006, and 2005, were $2,106,958 and $1,604,960 respectively, an increase of $501,998 or 31%.
Steve T. Laflin, President and CEO, said, “We are continuing to see the improvement in our financial condition. Our increase in total revenue was attributable to excellent performance in nearly all of the Company’s business segments.
“The Radiological Services segment is up over 106% and 117% respectively for the three and nine month periods of 2006 compared to 2005.
“Cobalt Products have also increased by about 302% and 286% respectively for the three and nine month periods of 2006 compared to 2005.
“Radiochemical Products segment revenues have also increased by about 19% for both the three and nine month periods of 2006 compared to 2005.
“The Nuclear Medicine segment underwent a 2% decline in revenues for the three month period ended September 30, 2006 compared to the same period in 2005, however, this segment’s revenue for the nine months ended September 30, 2006 are still up 19% above the same period in 2005.”
Laflin continued, “The overall increases in operating expenses are attributable to four roughly equal factors. First, the additional operating expenses related to the Company’s newly established transportation services subsidiary (International Isotopes Transportation Services). This was the Company’s first year of operation of this new transportation subsidiary and, therefore, the Company did not previously recognize any operational expense. Second, the increase in operating expense related to ongoing support of the Company’s Fluorine Products subsidiary. These increased costs were attributed to equipment, operational expenses, and additional staff required to prepare for the start of routine production operations. Third, the company has slightly increased staff required to support industrial and radiological safety coverage of our operations. This increase in staff was necessary to keep pace with increased regulations combined with an expanding scope and volume of licensed operations activity. And, fourth, the third quarter saw an increase in salary and contract labor expense as a result of implementation of FAS 123(R), which added expense of about $110,000 for certain stock options granted during the period.”
International Isotopes Inc. Three Months Ended Nine Months Ended Sept. 30 Sept. 30 2006 2005 2006 2005 Sales $1,458,260 $828,439 $3,641,098 $2,177,270 Gross Profit $605,976 $362,633 $1,673,696 $977,464 Total Operating Expense $722,463 $463,022 $2,106,958 $1,604,960 Operating (Loss) ($116,487) ($100,389) ($433,262) ($627,496) Other (Expense) ($49,254) ($44,526) ($135,900) ($121,041) Net (Loss) ($165,741) ($144,915) ($569,162) ($748,537) Net (Loss) Per Common Share ($0.00) ($0.00) ($0.00) ($0.00) Weighted Average Share Outstanding 213,184,707 188,035,592 211,078,457 182,227,488 About International Isotopes Inc.
International Isotopes Inc. manufactures a full range of nuclear medicine calibration and reference standards, high purity fluoride gases, and a variety of cobalt-60 products such as teletherapy sources. The Company also provides a wide selection of radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications and provides a host of analytical, measurement, recycling, and processing services on a contract basis to clients.
International Isotopes Inc. Safe Harbor Statement
Forward-looking statements in this press release, including statements made relating to the Company’s growth, financial condition, and improved cost performance in its business segments are made pursuant to the safe harbor provision of the federal securities laws. Information contained in forward- looking statements is based on current expectations and is subject to change. Actual results may differ materially from the forward-looking statements. Many factors could cause actual results to differ materially from the forward- looking statements. Readers are directed to read the risk factors detailed from time to time in our filings with the Securities and Exchange Commission, including our annual report on Form 10-KSB for the year ending December 31, 2005. The Company does not intend to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
For More Information, Contact:
Steve Laflin, President and CEO
(208) 524-5300
International Isotopes Inc.
CONTACT: Steve Laflin, President and CEO of International Isotopes Inc.,+1-208-524-5300
Web site: http://www.intisoid.com/
